There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan.

What Is a Testamentary Trust?

A testamentary trust allows a testator to manage wealth by giving a trustee instructions for distributing their property after the...

In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation.

The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes are effective January 1, 2023.

Increases to Contribution Limits for...

Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72).

Although Medicaid and Medicare are both public health insurance programs, they have essential differences.

Medicare is a federal program for older adults, people with disabilities, and individuals with end-stage renal failure. Medicaid is federal-state assistance for those with limited incomes.

History of Medicaid and Medicare

Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. 

If you are considering wealth transfer tax planning, these are welcome increases.

Gift Tax Annual Exclusion

A Medicaid Asset Protection Trust (MAPT) is one option a person may consider to protect their assets from Medicaid and nursing homes or long-term care.

A MAPT is an irrevocable trust created during your lifetime. The primary goal of a MAPT is to transfer assets to it so that...

More than 55 million people around the world currently suffer from dementia. Advanced age remains the main risk factor for developing dementia. Yet recent studies have uncovered several other potential risk factors for dementia and cognitive decline that you may not expect.

Having poor oral hygiene.

Choosing the correct home care provider for your aging parents is a huge responsibility. This person will be looking after the needs of those who taught you to walk, talk, and care for yourself. To ensure your parents are well cared for in their golden years, consider the following as you seek...

In helping clients prepare for their future, estate planning and elder law attorneys use many acronyms. Understanding some of the common medical and legal terms in this field can give you added confidence in your approach to planning for your own future or that of your loved ones.

1....

A diagnosis of dementia, a category of diseases affecting memory and thinking that includes Alzheimer’s disease, can feel overwhelming and upsetting. You might worry that you will lose control over your life and ability to make your own decisions. Fortunately, receiving a diagnosis of dementia or Alzheimer’s does not mean that...